guidance value of an apartment which was booked with the builder during 2008, and took the possession in 2010. during the registration process, the builder registered under karnataka registration act the uds land portion cost ( based on guidance value) as per the agreement where as the construction cost of the apartment not included for registration purposes. it was practice generally followed by the builders for all the owners who so ever booked the property. During the relevant F.Y 2015 - 16 the assessee has sold house property for a consideration of Rs.1.00 crores as per sale deed document. The…
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A partnership firm engaged in to real estate and construction activity. During the course of assessment proceedings, the Ld. Officer had raised contention of calculating notional rent U/s 22 and 23 of the Income Tax Act, 1961 for AY 2017-18 on 6 unsold completed units held as stock in trade of the business, for which BU permission was already received 1 year ago. The Ld. Officer computed notional rent and made addition under the head “Income from House Property”. Is the Officer right in making such addition, given the facts that the partnership firm (builder) was holding such unsold unit…
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In the aforesaid query the addition was made on account of investment in construction of house and the assessment was completed u/s 143(3)/147
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A search was conducted at various places of a group "G" thereafter, search was conducted in the case of persons who are connected or related with group "G". Search was conducted at the premises of Mr. X under the wrong presumption that Mr. X is connected/related with group "G". Mr. Y was similar named person of Mr. X. Actually, search was tobe conducted at the premisis of Mr. Y whereas it was wrongly conducted at the premises of Mr. X. During the search at the premises of Mr. X, not a sigle document / paper / valuable article or any…
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In an HUF account, if a co-parcerner passes away, I have 2 queries: 1) Are his wife & daughter entitled to his share in the HUF? 2) Can the Karta of the HUF decide how to distribute the deceased co-parcerner's share?
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Dear Sir Kindly let me know the status of this CBDT Letter No. F.No 275 / 27 / 2013 – IT (B) dt. 2.8.2016 Regards, Hema
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CREDIT FOR ADVANCE TAX WAS TAKEN FOR THE INCOME DECLARED UNDER THE INCOME DECLARATION SCHEME FORM WAS SUBMITTED ONLINE- CPC CREDIT WAS ALLOWED TO FORMS FILED PHYSICALLY BUT CPC HAS NOT TAKEN ANY ACTION NOW 148 NOTICE IS ISSUED BY ITO WHAT COULD BE REMEDY
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Whether income derived from funds of HUF – Individual or family income ?
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My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2021 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. Thank you
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Sir, There is a sale of immovable property during the financial year 2020-21 in the month of August. However, the assessee has died at the end of the year in the month of March 2021. Is there a liability to pay capital gain tax on this sale by the legal heirs? Please clarify
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LTCG deposit closure is questioned by the assessing officer why construction cost not included for registration